Common questions relating to Drybrook leasehold conveyancing
Planning to complete next month on a garden flat in Drybrook. Conveyancing solicitors assured me that they are sending me a report tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Drybrook should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
Estate agents have just been given the go-ahead to market my basement flat in Drybrook.Conveyancing is yet to be initiated but I have just had a quarterly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am employed by a busy estate agency in Drybrook where we have witnessed a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Drybrook conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Can you provide any advice for leasehold conveyancing in Drybrook from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Drybrook can be bypassed if you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers conveyancers.
- Many freeholders or managing agents in Drybrook charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Drybrook.
Are there common defects that you witness in leases for Drybrook properties?
Leasehold conveyancing in Drybrook is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Virgin Money, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.
Leasehold Conveyancing in Drybrook - A selection of Queries before Purchasing
Are there any major works anticipated that could increase the maintenance fees?
How many years are left on the lease?
Is there a share of the freehold?